发布会现场，平安人寿副董事长兼副总经理蔡霆在主旨演讲中详细介绍了"享平安"的内涵。蔡霆表示， 客户的追求，就是平安努力的方向。基于对中国家庭对体育、教育、文娱、健康管理等核心需求的深刻 洞察，平安人寿焕新推出"享平安"客户权益体系，打造丰富、优质的线上增值服务及线下活动场景，覆 盖体育运动、子女教育、文娱生活、健康管理四大领域，提供近百项增值"好权益"，助力客户及其家人 畅享"好生活"。 在体育运动方面，"享平安"链接优质供应商，打造多场景覆盖的体育生态，聚焦广受客户欢迎的户外运 动、智力运动、球类运动、滑雪运动四大领域，推出俱乐部活动，满足客户锻炼、休闲、社交等多维需 求。同时，还为客户提供滑雪VIP通道、健身月卡、高球预约等服务权益，帮助客户一键实现健身与休 闲自由；此外，平安还与各领域权威机构合作，打造适合大众的体育赛事，帮助更多客户感受竞技体育 的魅力。 在子女教育方面，"享平安"链接名企名校、行业大咖、专业教育机构等多种资源，提供升学咨询等服 务，帮助客户在教育规划上先人一步；同时，打造研学营、升学营、留学营三大类活动体验，覆盖客户 子女教育的素养提升、升学规划、留学服务三大关键需求，提供全学龄段一 ...

证券研究报告 | 2025年07月13日 下半年市场增量资金哪里来？ 优于大市 存款搬家驱动哑铃型资金结构再调整 保险资金持续入市，国家队托底，而场内资金依靠小市值个股交易套利，导 致上半年资本市场呈现极致哑铃型资金结构。以市值因子观测，今年微盘股 收益最佳、小盘股次之、大盘股再次之。微盘股、小盘股年初以来持续领涨。 关税冲击后，大盘股表现出追赶效应。以"市值+风格"因子观测，大盘价 值、小盘成长、小盘价值取得明显超额，大盘成长及中盘股则表现较差。2025 年以来，市场增量资金包括：（1）中央汇金为代表的类平准基金，主要为 市场起托底作用；（2）保险公司为代表的金融机构，对股息稳定、大盘价 值风格较偏好，对红利因子持续加大投资；（3）中性策略的量化私募、部 分个人投资者两融资金，对波动率较高的小微盘股偏好度较高。 存款利率持续下行，下一步居民存款搬家将驱动增量资金入市，资金结构更 多元。（1）中央汇金和保险等资金，代表市场稳定器，持股风格整体稳定； 下一步保险负债成本下行，分红产品占比增加，为实现行业均衡，关注险资 红利资产"扩圈"带来的配置机会；（2）存款和纯固收产品持续低回报， 这成为催化居民加大权益资产 ...

1. 权益基金挑大梁，资金加速流入A股市场。 今年以来提前结束募集的基金达197只，其中权益类基金占据半壁江山。权益类基金发 行显著回暖的背后，资金加速流入A股市场的迹象明显。无论是今年以来新成立的基金，还是提前结束募集的基金，亦或是7月以来开 始发行的基金中，都是权益类产品"挑大梁"，与去年固收类产品"唱主角"形成了鲜明对比。 2. 多只QDII基金恢复申购，助力投资者多元化资产配置。 7月份以来，鹏华基金、华安基金、汇添富基金、华宝基金等多家公募机构 旗下QDII基金限购"松绑"，部分QDII基金恢复正常申购或大额申购业务，部分QDII基金大额申购金额上限有所提升。近年来，QDII 基金已逐渐成为投资者重要的资产配置标的之一，数量和规模持续增长。在业内人士看来，投资者多元化投资需求增长和近期QDII投 资额度新增是驱动多只QDII基金"开门迎客"的重要因素。 3. 年内主动权益基金大幅跑赢被动指数基金。 在不同风格行情此起彼伏的背景下，年内主动权益基金已大幅跑赢被动指数基金。基金 人士分析称，今年主动权益基金业绩占优，得益于市场结构性行情持续演绎，基金经理在选股上发挥出了主观能动性，对于下半年的 市场机会 ...

6月银行理财规模环比下降超9000亿元——这是银行上半年考核之际，受理财回表等因素交织影响，理财市 场正在发生的事情。 据券商中国记者独家汇总产品规模排名前14理财公司数据，截至今年6月末，14家银行理财公司合计规模达 22.96万亿元，较今年5月末下降约9500亿元。从而导致今年以来14家理财公司整体的规模增量回落至约5300亿 元。另据普益标准，全市场口径下的理财存量规模在6月末下降至31万亿元，较上月回落约0.3万亿元。 具体来看，上述14家理财公司6月份规模减少，主要是因为现金类产品流失较快：环比下降超5500亿元，较年 初下降约8000亿元。 展望后市，跨过年中时点后，7月份理财市场规模或将迎来快速回流。据华西证券预计，7月回升幅度或像此前 一样，维持在万亿级以上。 值得一提的是，增量结构和基本面都有亮点： 今年以来，现金类理财产品规模持续下滑，固收类产品仍是主 要增量来源；同时，年内理财公司明显加大对权益类资产的配置，纷纷布局被动指数ETF资产。就在近期，工 银理财、中邮理财宣布已参与多家港股上市公司IPO基石投资，光大理财也在6月参与A股IPO上市公司的网下 打新，并成功入围有效报价。 万亿级理 ...

智通财经7月11日讯（记者 沈述红）随着股票市场的逐步回暖，近来，主动权益基金展现出强劲的业绩修复势头。 从基金公司维度看，在2025年以来的市场行情中，头部基金公司的业绩集中效应愈发凸显。据统计，今年以来净值增长率超30%的150只主动权益产 品，大多分布在广发、富国、鹏华、汇添富等头部公募。中型公募中，也有部分基金公司旗下多只产品今年以来斩获不俗收益，如平安、长城、永 赢、信达澳亚、安信等。 年内收益前100基金中，主动管理占85席 在中长期资金入市与政策工具护航下，A股市场情绪明显回暖。截至7月10日，今年以来主要股指全线上涨，上证指数、深证成指、创业板指涨幅分 别为4.71%、2.08%和2.24%。 在市场行情带动下，权益类基金整体业绩显著回升。Choice数据显示，全市场有业绩统计的7037只权益类基金（按主代码基金口径统计）同期平均收 益率达7.12%。其中，有5940只基金取得正收益，占比近85%；收益率超过10%的基金共1841只，占比超26%。 这之中，主动权益类基金凭借其精选个股的能力，相较被动指数型基金展现出更优的业绩表现。数据显示，在业绩排名居前100名的权益类基金中， 主动基金占据 ...

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Group 1 - The core viewpoint of the articles indicates a significant inflow of funds into the A-share market through equity funds, with a notable increase in the issuance of equity funds compared to fixed-income products [1][2][3] - As of July 9, 197 funds have ended their fundraising early this year, with equity funds making up a substantial portion, highlighting a shift in investor preference towards equity products [1][3] - The issuance of new funds has shown a remarkable recovery, with 672 new funds established by the end of June, totaling 530.347 billion units, of which 387 are stock funds, representing 35.46% of the total issuance [3][4] Group 2 - The trend of early fundraising closures is evident, with 68 new funds launched in July, 47 of which are equity funds, indicating a strong market sentiment and increased risk appetite among investors [4] - The performance of specific sectors such as AI, innovative pharmaceuticals, and high-end manufacturing has attracted significant capital inflow, leading to a faster pace of fund deployment [4] - Morgan Stanley Fund suggests that investor confidence in the A-share market is rising, supported by both liquidity and risk premium factors, with a continued focus on technology growth, high-end manufacturing, and new consumption sectors [4]

Group 1 - The core viewpoint of the article highlights a surge in the issuance of new public funds in July, with 104 new funds disclosed, of which over 64% are equity funds [1][3][5] - The stock market's strong performance, combined with supportive policies and improved investor sentiment, has accelerated the issuance of equity funds [2][5] - Among the new funds, 67 are equity funds, with 19 being actively managed and 48 being passive index funds, indicating a significant interest in index products [3][5] Group 2 - In the first week of July, 43 new funds were issued, with a peak of 31 funds starting subscriptions on July 7, reflecting a robust market activity [3][5] - The average subscription period for equity funds has shortened to 12-18 days, with some products selling out in a single day, indicating a recovery in market sentiment and efficiency [5][7] - Analysts suggest that the current low valuation of A-shares and favorable macro policies have made index funds attractive for investors looking to build positions [6][7] Group 3 - The focus on actively managed equity funds and index funds is expected to continue, with a recommendation for investors to consider a phased investment approach [7][8] - The "barbell strategy" is suggested for actively managed funds, balancing high dividend and growth-oriented fund managers, while passive funds should focus on broad-based indices and sector rotation [8]

Core Viewpoint - The public fund issuance market in China has seen a surge since July, with 104 new funds disclosed, of which over 64% are equity funds, driven by positive stock market performance and improved investor sentiment [2][3][6]. Fund Issuance Trends - As of July 10, 2023, 104 new funds have been disclosed, with 43 launched in the current week, marking a peak in daily issuance [5][6]. - Among the new funds, 67 are equity funds, including 19 active equity funds and 48 passive index funds, indicating a strong preference for equity products [6][7]. Market Drivers - The robust performance of the A-share market in the first half of the year, along with optimistic institutional expectations for the future, has restored investor confidence in equity products [6]. - Continuous encouragement from policies aimed at capital market development and support for technological innovation has attracted funds into equity assets [6]. Popular Investment Themes - Popular investment themes in newly launched equity funds include AI, consumer sectors linked to Hong Kong stocks, robotics, and aerospace, with a notable interest in high dividend and defensive assets [7]. - The average subscription period for equity funds has shortened to 12-18 days, with some products selling out in a single day, reflecting improved market sentiment and channel efficiency [7]. Index Fund Dynamics - The current low valuation of A-shares and enhanced macro policy support have stabilized market sentiment, making index funds attractive for investors looking to build positions [7]. - Fund companies are rapidly launching products in popular themes to capture market interest and expand management scale, leveraging the advantages of index funds such as simplicity and cost-effectiveness [7]. Future Outlook - The issuance pace of funds is expected to accelerate, with mechanisms like floating management fees and performance rewards enhancing alignment between managers and investors [9]. - Low-cost, transparent index funds, particularly ETFs, are anticipated to remain a focus for expansion, especially in a volatile market environment [9]. - Investment strategies should consider market trends, policy directions, and risk preferences, with recommendations for both active and passive equity funds to diversify and adjust asset allocations dynamically [10].

上半年，受存款、债券、股票等底层资产价格波动影响，理财产品收益率分化明显。普益标准数据显 示，现金管理类产品收益持续走低，上半年平均年化收益率降至1.54%；纯固定收益类、"固收+"类产 品收益率跟随债市"先下后上"，上半年平均年化收益率分别为2.98%、2.71%。虽然上半年"固收+"类产 品平均收益较纯固收类未能体现出明显优势，但通过增加权益等资产配置已经成为了行业求解产品收益 压力之法。 规模逼近31万亿，结构分化加剧 据普益标准数据，截至6月末，理财市场规模突破30万亿元大关至30.97万亿元，较去年末增加1.3万亿 元。 上半年，理财市场规模呈现"先下后上"趋势。银行理财登记中心数据显示，截至一季度末，理财市场存 续规模29.14万亿元，相较去年末下降8100亿元；二季度，随着新一轮宽松政策到来，理财产品收益率 相对存款优势再次凸显，资金开始回流。 5月，央行降息落地后，国有银行一年期定存利率不足1%，5年期定存利率也降至1.3%左右。据普益标 准数据，上半年理财产品平均年化收益率达2.65%，与存款利率形成显著利差，推动居民储蓄转向理财 市场。 虽然总盘子增超万亿元，但上半年理财产品结构分化加剧。 ...